Spain minister reassures on bank recapitalization

Updated on: June 5, 2012 / 8:45 AM
/ AP

(AP) MADRID - Spanish Finance Minister Cristobal Montoro Tuesday claims the amount of money needed to prop up Spain's troubled banking sector is not as excessively high and repeated the country's calls for the European Union to move faster towards establishing a banking union that would allow ailing lenders to seek help without governments intervening.

Montoro declined to set a figure how much money the sector would need to cover toxic loans and mortgages but said the question was where the money would come from and insisted the EU must make progress on banking unity measures.